Naftogaz Seeks to Freeze Gazprom's NS2 Assets

Ukraine's state owned gas group Naftogaz has taken action in Switzerland to freeze the assets of the Nord Stream 2 (NS2) pipeline subsidiary of Gazprom, reported Reuters and Tass May 30.

Naftogaz said earlier May 30 it had "asked the Swiss courts to enforce the award, and understands that Swiss authorities already have taken measures against Gazprom's assets"; its statement, reported by NGW, did not cite which assets.

It is trying to recover a $2.56bn net arbitration award made in Naftogaz's favour, against Gazprom, by a Stockholm arbitration tribunal three months ago.

"On May 29, 2018, Nord Stream 2 AG has received an freezing order in respect to claims of debts against Gazprom. We don't comment on details of this legal procedure. It doesn't have an impact on the Nord Stream 2 project," a Switzerland-based spokesman for that pipeline company told NGW.   It's believed that the primary asset of NS2 is its office in the Swiss canton of Zug.

The offices of the operating Nord Stream pipeline (NS1), 51%-owned by Gazprom, are also based in Zug, along with possibly other Gazprom subsidiaries.  NGW has contacted NS1 if it too has been targeted but it has yet to respond.